Stock Traders Buy High Volume of Call Options on EVgo (NYSE:EVGO)

EVgo, Inc. (NYSE:EVGO - Get Free Report) was the recipient of some unusual options trading activity on Tuesday. Stock traders bought 9,182 call options on the stock. This represents an increase of approximately 30% compared to the average daily volume of 7,067 call options.

Insider Activity at EVgo

In other EVgo news, CEO Badar Khan sold 166,725 shares of the business's stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $5.14, for a total value of $856,966.50. Following the transaction, the chief executive officer now directly owns 348,761 shares of the company's stock, valued at approximately $1,792,631.54. The trade was a 32.34 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 66.96% of the stock is owned by insiders.

Hedge Funds Weigh In On EVgo

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Marshall Wace LLP boosted its stake in shares of EVgo by 66.4% during the 2nd quarter. Marshall Wace LLP now owns 1,633,304 shares of the company's stock worth $4,002,000 after acquiring an additional 651,475 shares in the last quarter. International Assets Investment Management LLC purchased a new position in EVgo in the 3rd quarter worth about $51,000. Verition Fund Management LLC acquired a new stake in EVgo during the 3rd quarter worth about $653,000. Point72 Asset Management L.P. purchased a new stake in EVgo during the second quarter valued at about $1,749,000. Finally, HITE Hedge Asset Management LLC acquired a new position in shares of EVgo in the second quarter worth about $495,000. 17.44% of the stock is owned by institutional investors.

EVgo Stock Down 25.9 %

EVgo stock traded down $1.64 during mid-day trading on Tuesday, hitting $4.68. 45,983,992 shares of the company's stock traded hands, compared to its average volume of 4,839,997. EVgo has a one year low of $1.65 and a one year high of $9.07. The company has a market cap of $1.42 billion, a PE ratio of -11.14 and a beta of 2.24. The firm has a 50 day moving average price of $6.80 and a 200 day moving average price of $4.72.

EVgo (NYSE:EVGO - Get Free Report) last announced its earnings results on Tuesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.01). The company had revenue of $67.50 million for the quarter, compared to analysts' expectations of $66.52 million. The firm's quarterly revenue was up 92.3% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.09) EPS. On average, analysts expect that EVgo will post -0.41 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $5.00 price objective on shares of EVgo in a report on Monday, September 30th. JPMorgan Chase & Co. upgraded shares of EVgo from a "neutral" rating to an "overweight" rating and set a $7.00 price target on the stock in a report on Thursday, October 3rd. UBS Group raised shares of EVgo from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $4.00 to $8.50 in a research report on Thursday, October 10th. Needham & Company LLC reiterated a "hold" rating on shares of EVgo in a report on Wednesday, November 13th. Finally, Marathon Capitl raised EVgo from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, October 22nd. Two equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, EVgo presently has an average rating of "Buy" and an average price target of $6.61.

About EVgo

EVgo, Inc owns and operates a direct current fast charging network for electric vehicles (EVs) in the United States. The company offers electricity directly to drivers, who access its publicly available networked chargers; original equipment manufacturer charging and related services; fleet and rideshare public charging services; and charging as a service and fleet dedicated charging services.